Thursday, April 18, 2019

IBD: "Stock Market Sharply Mixed, As This Hot IPO Stock Crashes"

From Investor's Business Daily:
10:19 AM ET
The stock market was sharply mixed early Thursday. The Dow Jones industrials gained about 50 points in today's stock market, amid earnings results from Dow Jones stock American Express (AXP). Top growth stock Atlassian (TEAM) plunged after its quarterly earnings results. Meanwhile, hot IPO stock StoneCo (STNE) crashed almost 20%. The stock market will be closed tomorrow for Good Friday.

Among exchange traded funds, the Innovator IBD 50 Fund (FFTY) declined about 1%, indicating that top growth stocks were sharply underperforming the major stock indexes Thursday. The ETF is holding above its long-term 200-day moving average line.

Current Stock Market Action
The tech-heavy Nasdaq composite moved down 0.3%. The S&P 500 fell 0.1%, while the Dow Jones industrials gained 0.2%. Year to date, the Nasdaq is up about 20%, while the S&P 500 gained about 16%. The Dow has risen about 13%.

The Nasdaq is still above a key support level in today's stock market — the 200-day moving average. The S&P 500 and Dow Jones industrials, meanwhile, also traded above that line, with the S&P 500 above long-term resistance near 2800. (For updates on this story and other market coverage, visit the Stock Market Today page.)...